Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />JULY 16, 1992 <br />The City Administrator reported that the Fire <br />Department inquired about the balance in the <br />Construction Fund. The Administrator suggested that a <br />portion of these balances can be used to fund Fire <br />Department capital improvement items. The <br />Administrator reported that he discussed this with Mary <br />Ippel, and since there were $335,000 in donations to <br />this fund, the City has some flexibility in how <br />remaining balances can be used, allowing for capital <br />improvement expenditures. We need to be careful in <br />this regard, and the Council will need to make some <br />policy decisions. <br />Voto reported that there is a$19,500 deficit in the <br />City Aall Construction Fund. <br />The City Administrator stated our plan is to use <br />approximately $10,000 in Cable TV funds over the next <br />two or so years to fund this deficit. <br />Voto reported that the Park Acquisition Fund has a <br />balance of $107,000, while the Park Development Fund <br />has a balance of $171,286. Voto noted that there are <br />commitments against the Park Development Fund. <br />Voto reviewed the Closed Bond Fund, noting a balance of <br />$186,505 at the end of 1991. Voto anticipated an <br />additional $130,000 balance at the end of 1992. Voto <br />reported that these funds can be used at the discretion <br />of the City. <br />The City Administrator suggested that one use would be <br />to fund the City's 20% of street overlay projects. <br />Voto reviewed the recommendations contained in the <br />Capital Project Funds report. They are: <br />*Close the Little Canada School Improvements Funds in <br />1992 and transfer the remaining balance to another <br />fund. <br />*Continue funding by the continued adoption of adequate <br />user rates for the City Water and Sewer utilities. <br />*Consider revising its general policy with reqard to <br />projects like Thunder Bay Tax Increment. <br />*Provide an alternate source of revenue for the project <br />costs of Tax Increment #1-2 - North Star Turf. <br />*Close the TIF Improvement Bonds of 1990 in 1992 and <br />transfer the remaining balance to the Debt Service <br />Fund for the $515,000 Bonds of 1990. <br />*Close the Improvement Bonds of 1976 and Improvement <br />Bonds of 1984 in 1992 and transfer the remaining <br />assets to the Closed Bond Fund. <br />*Any remaining balance in the DeSoto Street <br />Improvements should be transferred to the Debt <br />Service Fund. <br />Page 5 <br />